SHORT SALES AND FORECLOSURES
If you are facing a default on your current mortgage, you need the help of a professional Realtor who can compassionately deal with your situation. Don't fall into the trap of dealing with companies that get you to sign over your deed, put your land into a trust, or other gimmicks. A Realtor who has experience with "short sales" can deal directly with the lender and work out a sale that will save your credit and allow you and your family to move forward with their lives.
Frequently Asked Questions:
Q-What is a Short Sale?
A short sale is when a lender will accept less than what is owed on the property to satisfy the note and release the lien.
Q-How does a Short Sale benefit a homeowner?
A short sale will allow the homeowner to eliminate the mortgage debts without the expense of needed repairs to get the property sold. Additionally, it helps the homeowner avoid the negative effect of a foreclosure on his/her credit report.
Q- Who can sell their property as a Short Sale?
Anyone who can prove that they are no longer able to make their mortgage payments and will not have the ability to pay from other sources (i.e.- 401ks, personal savings, etc.) and owe more on their home than it is currently worth.
Q- Where do I start?
You need to call a Realtor who knows how to handle a "short sale" and have them review your current situation. After meeting with you they may either move forward marketing your home, or refer you to an attorney for further clarification of your situation.
Q- Can I get any money out of my house at closing?
No! If anyone tells you that they can give you money at closing...RUN! They are either not being honest with you or trying to do something illegal and you can wind up with more legal problems. Selling your home as a "short sale" can help you walk away with the peace of mind that you can start fresh.
Q- Can I do this all myself?
The lender wants you to have a professional involved in the process and they are willing to pay your Realtor to do the work. You don't pay for the Realtor, the bank does.
Have More Questions?...I Have the Answers!!! Email me at mkagansells@tampabay.rr.com